A city hailed the UK’s property investment hotspot of 2018, Manchester is a city steadily on the rise. For those who are keen to make their next property investment, but unsure which area to look into, take a look at these three reasons Manchester should be the location for your next property investment.
It is widely known that when it comes to price, Northern cities are predominantly more affordable than cities down South, particularly the UK capital. The average price of a house in London is £491,200, which is more than twice as much as the Manchester average of £158,800. Pair this with lower living costs, and there’s no surprise that more and more people are choosing to move up North. Property investment companies such as RW Invest offer Manchester properties from as low as £97,500 with an 8% net rental return. Affordable prices and impressive rental returns mean that investing in Manchester is a smart move, particularly for first time investors.
Manchester is involved in the Northern Powerhouse initiative, which means regeneration and exciting new developments are happening all the time. With an aim to improve the economy of Northern cities by investing in transport, skills, culture and innovation, the Northern Powerhouse has been a major driving force that’s helped put Manchester on the map in 2018. Travel is a big focus for Manchester in upcoming years, with global connections such as the Great North Rail Project due to enable 40,000 more passengers and commuters to travel easily into the city. Along with this, an improved TransPennine Express timetable was launched early in 2018 with an aim to reduce journey times between Liverpool and Manchester, taking the commute to 35 minutes down from 52. This is great news for professionals commuting between the two cities, making the two more closely connected and bringing more interest into Manchester.
A Growing Population
Manchester’s population has seen a huge increase in recent years, growing at three times the national average. Within 2001 and 2011, the city’s population has rocketed by 19%, and after being named the best UK city to live in back in 2015, its popularity has only increased further. The city has become increasingly popular with working professionals, likely due to a number of high profile companies such as the BBC moving their operations to Manchester. This influx of business opportunities within Manchester could have something to do with the large population of young people and students living in the city, with Manchester being named the youngest place in Britain outside of London. A large population of students and young professionals is good news for property investors, meaning there’s higher demand for quality rental property. Both young people and students are more prone to renting as they don’t have the financial means to buy property. All in all, investing in luxury city centre apartments and modern student accommodation is a venture that’s definitely worth taking advantage of.
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